Posts Tagged ‘foreclosure’

Factors Leading To Consideration Of Bankruptcy

Sunday, February 20th, 2011

There are many factors to be considered in regard to a debtor’s situation before deciding to pursue a bankruptcy. Some of the salient factors regarding the debtor are all available income, ownership of a homestead, all non-homestead significant assets, dollar valuation for all the assets including the homestead, the secured debts, the unsecured debts, the total number of debts, the total in dollars of all debts, how far behind the debtor is on payments due on debts, the ability of debtor to meet monthly payment on debt, any co-debtors, major assets of the debtor, whether an asset is security for a debt, the desire of a debtor to discharge or pay back debt, whether the debtor faces any immediate threat such as foreclosure, repossession, garnishment or other legal action. All of the facts and documents reviewed must be considered in light of applicable bankruptcy law to determine whether a debtor qualifies for bankruptcy protection.  A debtor interested in gathering information on pursuing bankruptcy can consult with a Minnesota bankruptcy attorney who can do a bankruptcy evaluation with the means test.

This blog does not intend to give legal advice and does not do so.  The reading of this blog does not establish an attorney-client relationship or substitue for consulting with a licensed lawyer.

We are a debt relief agency.  We help people file for debt relief under the bankruptcy code.

Real Estate Debt Problems

Friday, February 18th, 2011

Real estate debt related problems are not uncommon.  They can take many different forms from simply being behind on mortgage payments to complicated multiple real estate holdings that have huge amounts of money owed on them.  It is not unusual for people to complain that they are upside down on their land holdings or in other words they owe more on the real estate that it is worth if sold on the market.  The problem with being upside down on a home is especially distressful to many people since  their home is the largest investment they will ever make.   They sometimes cannot afford to make payments on it yet cannot sell it and get enough money to pay off existing debt on it.  The problem is further compounded by fearing that if they lose their house they will not only have credit problems but no where to live.   Sometimes people experiencing real estate problems fail to seek out legal advice in a timely manner.  Bankruptcy relief that will help real estate debt problems may be available for eligible debtors.  Similarly some people fail to get legal help before buying real estate only to later learn that there are problems with owning it.  Since real estate for many people is  their largest investment it is important not to put it in jeopardy or run the risk of future problems by failing to take the necessary steps to protect that asset.  Whether a person is  selling real estate, buying real estate, leasing real estate or has problems related to real estate it is a sound idea to get legal advice from a licensed lawyer.  Homeowners or commercial real estate owners often procrastinate in attending to growing debt on real estate until faced with  losing it in foreclosure.   A more useful approach is to get legal assistance to stop the loss of a home or real estate before foreclosure.  Prompt attention to dealing with real estate problems may lessen the chance that it will be lost in foreclosure and in some instances provide a person a chance for a new beginning.

This blog is not intended to give legal advice and does not do so.  Reading this blog does not crete an attorney-client relationship or substitute for consulting with a licensed lawyer.
We are a debt relief agency.  We help people file for relief under the bankruptcy code.

Trying To Preserve Home Ownership

Saturday, February 5th, 2011

During rough financial circumstances some  people skip making a mortgage payment to use the money for some other matter or just cannot afford to make a payment.  No matter what the reason skipping mortgage payments can be a recipe for severe financial problems.  It not only puts a debtor behind in paying off a home but hurts his or her credit.  The result of this loss of credibility is to move him or her closer to facing the threat of losing a home in foreclosure.  Some people ignore this danger and just refuse to recognize the danger until they get notice of foreclosure.  Other people worry about it a great deal of the time but still do nothing to correct the problem.    Some homeowners believe that the loss of his or her home  is inevitable so that there is nothing that can be done about it.  Some people even have the misconception that if they file for bankruptcy they will automatically lose their home.  None of these approaches are likely to lead to preserving the ownership in a home where the required payments on a mortgage have not been done. Whether a consumer does nothing about losing a home because they are paralyzed with fear or put off trying to proceed with a bankruptcy out of the fear that it would bring about an automatic loss of their home, it is not the appropriate way to look at the situation.  Consumers should in a timely manner review all available avenues for debt resolution.   Each homeowners situation calls for its own evaluation of what is the best way to handle debt problems.  A homeowner who has mortgage payment difficulties should have a comprehensive debt appraisal done of his or her financial picture to determine whether he or she may be able to keep ownership of a home subsequent to filing for bankruptcy relief.  It is a sound idea for homeowners to contact a Minnesota law firm to set up an appointment to meet with a Minnesota bankruptcy attorney who can provide potential legal help.  Prompt legal attention to dealing with debt problems may lead to a greater chance to preserve home ownership.

This blog is not intended to give legal advice and does not do so.  The reading of this blog does not establish an attorney-client relationship or substitute for consulting with a licensed lawyer.

We are a debt relief agency.  We help people file for debt relief under the bankruptcy code.

Losing Property For Failure To Make Required Payment

Saturday, February 5th, 2011

Losing property for failure to make require payments is a common concern of debtors.  People who have bought property on installment payments face serious consequences such as repossession if they do not make all required payments.  Debtor who do not make payments on time often face multiple legal problems at the same time including civil litigation, repossession, replevin, garnishment and foreclosure. Some debtors ignore the fact that they are behind in payments while others day dream that they will hit a jack pot and pay off all their debts.  Neither approach may be helpful in keeping a creditor from taking property by repossession.  A sound idea when there is a concern about losing property for failure to make payments is to see a Minnesota lawyer who can provide debt relief information.  At that time the debtor can explore bankruptcy alternatives.  If he or she is qualified for bankruptcy there can be a discussion of suitability of proceeding for debt relief under Chapter 7 or Chapter 13 of the bankruptcy code.

The information you obtain in this article is not, nor is it intended to be, legal advice. The reading of this article does not establish an attorney-client relationship.  This article is not a substitute for consulting with a licensed attorney.  You should consult an attorney for advice regarding your individual situation.

We are a debt relief agency. We help people file for relief under the Bankruptcy Code.

Getting Reliable Bankruptcy Information

Thursday, January 13th, 2011


People experiencing debt pressures sometimes rely on faulty information in assessing what can be done to make the problematic situation better.  There are a lot of bankruptcy myths if believed can destroy the initiative to make positive changes in the financial situation.  Rather than rely on unreliable gossip, misinformation or myth a debtor should turn to a Minnesota lawyer who is experienced at providing legal assistance to consumers who have financial difficulties.   A consumer who needs bankruptcy information can contact a Twin Cities law firm that handles bankruptcy.  A Minnesota bankruptcy attorney can provide legal help to a consumer who feels severe financial pressures and wants to explore potential debt relief by giving accurate debtor information and if the person is eligible providing legal help in filing for bankruptcy.  A Twin Cities bankruptcy attorney can help a person who is overwhelmed with debt related pressures including harassing creditors, judgments, repossession, garnishment and foreclosure.  A knowledgeable Minneapolis bankruptcy attorney or St. Paul bankruptcy attorney can do a bankruptcy evaluation that includes the means test for a person that will help them better determine eligibility for debt relief.  Rather than let worry over financial matters cause continued anxiety and pressure a debtor can get straight answers and explore debt relief avenues with an experienced  bankruptcy attorney that will allow for a new beginning.

We are a debt relief agency. We help people file for relief under the Bankruptcy Code.

Ways Of Handling Money That Can Lead To Bankruptcy

Sunday, January 9th, 2011

There are ways of handling money that can lead to a need for debt relief.  These financial approaches by consumers are common causes of personal bankruptcy.  The following ways of handling money can lead to serious financial problems including the need to declare bankruptcy:
•    Making purchases based on what you want rather than what you need.
•    Making large purchases that are beyond your current ability to pay for them.
•    Purchasing things under payment arrangements that call for high interest rates.
•    Purchasing items with a credit card that you cannot afford to pay for with cash.
•    Utilizing a credit card to pay on a bill and/or bills due on other credit cards
•    Inattention to the interest rate that a credit card carries with it.
•    Spending beyond the credit limit set by an account and incurring charges for being over the limit.
•    Being late on paying your credit card causing late fees to be charged.
•    Paying only the minimum payment due on a credit card.
•    Failing to keep have savings funds to cover a financial emergency
•    Not making mortgage payments on time
•    Failure to make timely motor vehicle payments
•    Not following a monthly budget for regular expected expenses.
•    Spending more money yearly than income that is received.
•    Procrastinating on try to improve and/or eliminate debt problems

Some people put off attending to money problems with the idea that things will get better over time.  This approach may lead to even more serious financial problems as time goes on.  Money problems should be promptly attended to by a consumer.  Procrastination on attending to money problems can lead to judgments against a consumer, garnishment, repossession and foreclosure. If a consumer finds that his or her resources are insufficient to deal with the problem then professional legal assistance should be sought to deal with the situation.  Consumers who are considering bankruptcy can contact a Twin Cities law firm that has a bankruptcy service.  The law office can set up a meeting for the consumer to discuss bankruptcy with a Minneapolis bankruptcy attorney or St. Paul bankruptcy.   A meeting with a Twin Cities bankruptcy attorney can be useful in determining potential avenues of relief.  At a meeting with a bankruptcy lawyer there can be a discussion of bankruptcy alternatives.  A consumer can at a meeting with a Minnesota bankruptcy attorney to  explore potential legal help including relief under Chapter 7 or Chapter 13 of the federal bankruptcy law or, if a consumer is a Wisconsin resident under Wisconsin Chapter 128. People who face serious debt problems should not procrastinate, but rather move promptly to find a way to improve the situation.

This blog is not intended to give legal advice and does not do so.  The reading of the blog does not establish an attorney-client relationship.

We are a debt relief agency. We help people file for relief under the Bankruptcy Code.

Words Pay NO Debts

Sunday, December 19th, 2010

Consumers may be mislead by promises  that if they pay an organization all of their debts can be eliminated without having to take any legal steps or that by paying a fee they can learn a few simple tips or rid themselves of unwanted debt.  The reality is that as Shakespeare pointed out “Words pay no debts.”  Eliminating debt is not simple and thinking so may lead to inattention to taking the necessary steps to improve an increasingly difficult financial situation.  Debtors often have complicated financial situations involving missed mortgage payments, credit card obligations, unpaid motor vehicle loans, crushing medical bills and other unpaid financial obligations.  These financial problems in turn have created situations where the debtor faces civil litigation, garnishment, repossession and foreclosure. A person who fears losing a home in foreclosure should not be lured into wishful thinking that a few simple tricks will stave off serious financial consequences.  Ignoring financial problems can not only lead to financial disaster, but complicated litigation.  Consumers should make up their mind to face the reality of the situation, which may include exploring bankruptcy as an avenue to follow to achieve debt resolution.  A consumer facing serious financial problems should seek out accurate information on debt relief.  This can be done by contacting a Twin Cities law firm that offers a bankruptcy service.  A Minnesota law office can arrange for a meeting with a bankruptcy lawyer who can do a bankruptcy evaluation with the means test.  This review of the situation will help a debtor to determine potential course to take to cut down or even eliminate debt.  It is important for consumers to act in a timely manner to see an experienced Minneapolis bankruptcy attorney or St. Paul bankruptcy attorney to find out the potential for  bankruptcy alternatives.  Whether a person lives in outstate Minnesota, greater Minneapolis, greater St. Paul or Wisconsin they may be able to find debt relief through legal assistance provided by an experienced lawyer.  Residents of Wisconsin have an additional option for consumer debt relief and debt elimination. Under  Wisconsin law a resident can have similar benefits to a personal bankruptcy discharge without declaring bankruptcy.  Instead of buying empty promises of an easy way out of debt it is far better for a consumer to take affirmative legal steps to stop the debt spiral by getting legal help from an experienced debt relief attorney.

We are a debt relief agency.
We help people file for relief under the Bankruptcy Code.

The information contained herein on Chapter 7 and 13 does not constitute the giving of legal advice. The reader should not rely on this information. This information does not substitute for the advice of a licensed lawyer related to Chapter 7 and 13 bankruptcies

Walking Away From Debt

Tuesday, November 23rd, 2010

There is a common misconception that a person can just walk away from debt without any legal authority to do so.  The reality is that this approach not only may not get a person out of debt, but aggravate the situation.  It is understandable that a consumer could need help dealing with various forms of debt that  either singly or in combination are causing problems for him or her, but simply walking away from may be delaying an inevitable aggressive collection efforts by a creditor and creating a damaging credit history .  There are many types of problematic debts including  past due installment payments, unpaid lease payments, disputes with lenders on the amount of debt owed or money claims for damages related to the ownership.   These debts can arise from many different situations including the purchase of a  home, motor vehicle, credit card or agreed upon financial obligation such as medical bills.   Any of the forgoing types of debt claims can create serious financial pressures for a consumer.  The debtor must realize however, that putting off dealing with a debt in the present may make for more painful financial pressure in the future.  Walking away from debt can lead to further harassing communications from a creditor,  a loss of credit and credibility.  A consumer must keep in mind that a track record of handling financial obligations may follow them for years.  Walking away from debt may result in serious problems including an inability to get further credit or get a loan for an important purchase when it is very important to do so.

Consumers who are concerned with serious inability to pay financial obligations may be eligible for debt relief through bankruptcy. A Minnesota Bankruptcy attorney can be consulted about available avenues for debt resolution.  There can be a discussion of bankruptcy alternatives.   A multitude of financial pressures can be discussed with the Minnesota bankruptcy lawyer including home loans, credit cards, medical bills, delinquent car loans, contract disputes, lease claims, and damage claims related to the use or ownership of an automobile.  Twin Cities bankruptcy attorney will discuss with you relevant financial pressures, do a bankruptcy evaluation including a means test and go over the different types of bankruptcy proceedings, such as Chapter 7 and Chapter 13.  At that time, the Minneapolis bankruptcy attorney or St. Paul bankruptcy attorney can explain whether a consumer is  qualified for debt relief through bankruptcy.   The lawyer  can go over relevant law involved in dealing with a consumers outstanding debt an answer legal questions that are related to the legalities involved in the situation.   At a meeting with a bankruptcy lawyer there can be a discussion of many financial concerns such as financial pressures including, foreclosure, garnishment and/or repossession.  A consumer who faces more than one legal difficulty should contact a Twin Cities Law Firm that can provide legal services in all of the areas of the law that are of concern. . For example, a Minnesota law office may be able to provide legal assistance with legal problems involving home ownership, a business, employment, divorce, personal injury, probate, discrimination, sex harassment, civil litigation, DWI or Criminal charges.     A consumer facing more than one legal difficulty should inquire when setting up an appointment if he or she can meet with a lawyer who can handle all of the types of legal matters of concern.  Dealing  correctly with present financial problems with the legal help of a Minnesota lawyer may eliminate a great deal of aggravation in the future and allow for debt resolution.

The information you obtain at this blog is not, nor is it intended to be, legal advice.

This post does not constitute the giving of legal advice or establish any attorney-client relationship. You should consult an attorney for advice regarding your individual situation.

We are a debt relief agency. We help people file bankruptcy.